LAHORE: The Pakistan Stock Exchange (PSX) had another rough session. The market opened positive but soon began to move in the reverse direction and ended in red. The political situation is expected to remain uncertain as we enter the month of the general elections.
Over the weekend, Pakistan received a $1 billion loan from China to support its diminishing foreign reserves. As reported by the State Bank of Pakistan, the foreign exchange reserves of the country have fallen to $9.66 billion. According to market analysts, this loan would not be enough to help the economy and the government might have to arrange funds from other sources as well.
The KSE 100 dropped down to an intraday low of 41,609.90 with a loss of 301 points. It settled lower by 176.85 points at 41,734.05. The KMI 30 index shed 431.36 points and settled at 70,628.98. The KSE All Share Index fell by 156.18 points at 30,426.73 with 126 advancers and 194 decliners.
The market volume was recorded at 84.50 million only as all banks were closed on Monday. Pak Elektron Limited (PAEL +3.50 per cent) was volume leader for the day. The script saw 8.79 million shares exchange hands. Unity Foods Limited (UNITY +4.99 per cent) followed with 4.50 million shares exchanged. TRG Pakistan Limited (TRG 1.08 per cent) was third on the list with 3.59 million shares traded. Javedan Corporation Limited (JVDC -3.91 per cent) Fauji Foods Limited (FFL +4.99 per cent) were also amongst the top five-volume leaders with 3.21 million and 3.19 million shares traded respectively.
The Cement Sector lost 1.74 per cent from its total market capitalisation. Lucky Cement Limited (LUCK), D.G. Khan Cement Company Limited (DGKC) lost 2.72 per cent and 1.91 per cent respectively. Whereas, Fauji Cement Company Limited (FCCL +1.97 per cent) and Power Cement Limited (POWER +0.84 per cent) managed to record gains. Bestway Cement Limited BWCL -0.76 per cent) ended the day in red despite sending a notice to the exchange informing all stakeholders regarding dispatch of cement from its new Farooqia Line II.
In another development pertaining to the cement sector, Mega Conglomerate (Pvt) Limited has withdrawn its intention to acquire voting shares of Dewan Cement Limited (DCL -3.72 per cent).
